The '''Federal Reserve System'''also known as the '''Federal Reserve''' or simply as '''the Fed'''is the central bank
ing system of the United States
. It was created on December 23, 1913, with the enactment of the Federal Reserve Act
, in response to a series of financial panic
s, that showed the need for central control of the monetary system, particularly a severe Panic of 1907|panic in 1907
[ Over time, the roles and responsibilities of the Federal Reserve System have expanded, and its structure has evolved.] [ "It was founded by Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded."] Events such as the Great Depression in the 1930s were major factors leading to changes...